France, the Netherlands,...>

EUROZONE T-BILL ISSUANCE: France, the Netherlands, Belgium and the ESM will sell

T-Bills next week with supply estimated at E11.0bln compared to E11.7bln last

week.

- ISSUANCE: The Netherlands will be the first to issue next week with a sale of

the new 6-month Feb 28, 2020 DTC for E1.0-2.0bln on Monday. On the same day

France will look to raise E3.7-4.9bln through sales of the 3-month Nov 27, 2019

BTF, 6-month Feb 12, 2020 BTF and the 12-month Aug 12, 2020 BTF. Belgium will

re-open the 3-month Jan 16, 2020 and 6-month Mar 12, 2020 bills on Tuesday for

E2.2bln. The ESM will be the last to issue with a sale of 3-month Dec 5, 2019

bills for E3bln on the same day.

- CASH FLOWS: There are E5.5bln in redemptions next week which will leave net

cash flow at E5.5bln.

** For further details please see MNI T-Bill issuance calendar.